I agree with you that Bitcoin price is hugely speculative. There have been many bubbles. Most notably, $100->$1000->$200, in late 2013 through 2014, and $500->$10000->??? in 2016-2017. The future is unknowable, but arguably much of the overall ~10^6 increase since 2010 reflects real growth in demand. I mean, only some thousands were fully aware of Bitcoin in 2010-2011. Now billions are.
Even so, I don't believe that it's a Ponzi scheme. Maybe someone controlling Mt Gox accounts orchestrated the 2013-2014 bubble. Mt Gox had huge market share back then. But now, I doubt that any player dominates enough to run a Ponzi scheme.
Even so, I don't believe that it's a Ponzi scheme. Maybe someone controlling Mt Gox accounts orchestrated the 2013-2014 bubble. Mt Gox had huge market share back then. But now, I doubt that any player dominates enough to run a Ponzi scheme.